USDCAD expecting a reversal

USDCAD is very close to the upper triangle boundary and is also forming a bearish wedge pattern (upward sloping wedge). Upper wedge boundary is at 1.3240-1.3250 and lower wedge boundary is at 1.3170. A break below the support will open the way for a full 100% retracement of the wedge targeting 1.3030.

usdcadusdcad2

Oscillators are in overbought levels and should soon start moving lower signaling a reversal for the pair. Unfortunately  I was not patient enough and shorted it at 1.3135 when I was supposed to be waiting and being patient. I will be looking to add to my short once the wedge is broken to have a better average price. 1.3250 is my line in the sand and the level where I would not want to see being broken on a daily basis.

Thank you for taking the time to catch up on my thinking.

3 thoughts on “USDCAD expecting a reversal

  • September 16, 2016 at 6:14 pm
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    Constructive comments and dialogue that is respectful is expected. Rude comments will be deleted.

  • September 22, 2016 at 9:03 am
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    1.3033 right now and a fellow visitor only had the time to call my analysis rubbish….constructive and respectful comments please

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